Copper outlook for 2026

Market watchers expect many of the forces that drove copper through 2025 to persist.

Supply constraints are expected to remain acute this year as aging mines and capacity shortfalls weigh on availability. New projects such as Arizona Sonoran Copper Company’s (TSX:ASCU,OTCQX:ASCUF) Cactus project and the long‑anticipated Resolution mine in the US are still years from significant output.

Copper demand is projected to grow as the global energy transition accelerates.

“A huge amount of this tightness has to do with US tariff concerns,” she said.

China, the world’s largest copper consumer, is also shaping the outlook. Despite weakness in its property sector, the country posted economic growth and is expected to prioritize copper‑intensive sectors under its new five year plan.

Longer‑term projections from industry groups suggest structural demand growth will outpace supply additions.

A UN report estimates that copper demand could rise 40 percent by 2040, requiring substantial investment and new mines just to keep pace. Likewise, Wood Mackenzie forecasts that copper demand will increase 24 percent by 2035, while the International Copper Study Group predicts a refined copper deficit of 150,000 metric tons in 2026 alone.

Investor Insight

E-Power Resources offers investors high-grade exposure to the rapidly expanding flake graphite sector through one of Québec’s most promising districts. With a strategic land position, near-surface discoveries, and a leadership team experienced in exploration and capital markets, E-Power is positioned to help supply North America’s critical battery materials chain.

Overview

E-Power Resources (CSE:EPR) is a Montréal-based company focused on advancing its flagship Tetepisca graphite property in Québec’s North Shore region. The company’s mission is to delineate and develop a high-grade, near-surface flake-graphite resource capable of supplying future North American battery-anode demand.

Since entering the Tetepisca district in 2019, E-Power has systematically advanced its project from regional geophysics to mapping, sampling, drilling and metallurgical testing. This disciplined exploration pipeline has confirmed the presence of district-scale, high-purity graphite mineralization within the same geological sequence that hosts neighboring deposits such as Focus Graphite’s Lac Tetepisca and Nouveau Monde Graphite’s Uatnan, which together hold more than 120 million tons (Mt) measured + indicated at approximately 14 percent Cg.

Graphite demand is accelerating globally as electric-vehicle production and energy-storage capacity expand. Québec’s hydroelectric grid, pro-mining policy environment, and rapidly developing anode-manufacturing infrastructure make it a world-class jurisdiction for low-carbon graphite development. Within this setting, E-Power’s land position, grade profile and technical results uniquely position the company to become a core participant in Canada’s graphite-to-battery supply chain.

Company Highlights

• Flagship project in Québec’s premier graphite district: 100-percent-owned Tetepisca Property, 234 contiguous claims covering ≈ 12,840 ha, the largest land position in the district
• Exceptional grades: 2025 surface sampling returned up to 68.7 percent Cg (carbon in graphite form) at the Graphi-Centre target, among the highest reported globally
• High-purity metallurgy: 2024 bulk sampling produced concentrates grading up to 96.4 percent Cg, validating commercial potential.
• Strategic infrastructure advantage: ~220 km from Baie-Comeau and within trucking distance of a planned 200,000 tons per year (tpy) graphite-anode facility, anchoring Québec’s battery-materials hub.
• Surging Market Demand: With global battery production accelerating, the graphite market is forecast to soar, positioning E-Power to benefit from one of the most dynamic growth trends in the energy materials sector.
• Led by Experience: Backed by a strong, technically skilled management team, E-Power is strategically positioned to advance North American graphite independence and capture growing demand in the energy transition economy.

Key Project

Tetepisca Graphite Project

The Tetepisca graphite property is approximately 220 km north of Baie-Comeau, covering 234 contiguous claims (~12,840 ha) in the heart of the Tetepisca Graphite District (TGD). The property is 100-percent-owned by E-Power and hosts the same graphitic metasedimentary units that define the district’s producing and feasibility-stage assets.

District-Scale Opportunity

The TGD is an emerging flake-graphite camp that now hosts more than 120 Mt of measured and indicated resources averaging ~14 percent Cg across nearby projects such as Nouveau Monde Graphite’s Uatnan and Focus Graphite’s Lac Tetepisca deposits.

E-Power controls the largest contiguous land position in the district, strategically covering the same graphitic metasedimentary horizons that host these deposits. The district’s proximity to the planned 200,000 tpy graphite-anode facility in Baie-Comeau creates a unique alignment of resource, infrastructure and processing capability, positioning E-Power as a potential key upstream feed source for Québec’s integrated graphite-to-anode supply chain.

2024–2025 Exploration Results

E-Power’s work since 2021 has validated the property’s high-grade, near-surface potential.

• The 2025 Phase 1 program returned grab samples up to 68.7 percent Cg at the Graphi-Centre target, one of the highest surface graphite grades reported globally.
• New discoveries on the northern claim block (N3 and N4 targets) yielded multiple samples exceeding 20 percent Cg, extending graphite mineralization across more than 330 meters of strike within continuous conductive trends.
• The Syndicate Trend, a 12 km linear conductor in the southwest, produced a new showing with grades of 54.7 percent Cg within a broader corridor that includes a historical drill intercept of 12.74 percent Cg over 9.55 meters.
• Metallurgical test work from 2024 bulk sampling confirmed high-purity concentrates of up to 96.4 percent Cg, with additional mineralogy and flake-size distribution studies underway to define commercial product potential.

E-Power’s 2025–2026 work program will focus on advancing the Tetepisca property toward an initial resource estimate. Key activities include expanded fieldwork and metallurgical testing at the Graphi-Centre, Captain Cosmos and Syndicate showings; follow-up ground and drone-borne geophysical surveys to refine drill targets; and a focused drilling campaign designed to define near-surface, high-grade graphite zones. In parallel, the company is initiating early environmental baseline and access studies to support future development and potential partnerships within Québec’s growing graphite-to-anode supply chain.

Management Team

Jean-Michel Gauthier – Chief Executive Officer

Jean-Michel Gauthier contributes significant expertise in capital markets, corporate development and strategic positioning within the resource sector. His focus will be on ensuring the optimal deployment of capital and maximizing the inherent value of the Tetepisca Project as it advances through key de-risking stages.

Mark Billings – Chairman of the Board

Mark Billings is a highly respected finance professional in the Canadian resource sector, bringing extensive investment banking and corporate finance experience. His prior roles, including VP corporate finance at Desjardins Securities, provide a crucial foundation for guiding E-Power’s capital formation and strategic financing plans necessary for the Tetepisca Project’s development phases.

Jamie Lavigne – Chief Operating Officer

Jamie Lavigne is a professional economic geologist with over 30 years of experience in exploration and mine development. He has worked with major Canadian and Australian mining companies and several junior explorers and operates his own consulting firm. Lavigne holds a B.Sc. from Memorial University and an MSc. from the University of Ottawa. He is a member of L’Ordre des Géologues du Québec and the Northwest Territories and Nunavut Association of Professional Engineers and Geoscientists.

Paul Haber – Chief Financial Officer and Corporate Secretary

Paul Haber brings over 20 years of experience in corporate finance and capital markets. He has served as CFO, board member, and audit chair for numerous public and private companies, including XTM (CSE:PAID), South American Silver (TSX:SAC), and Migao Corporation (TSX:MGO). A CPA and CA, Haber began his career at Coopers & Lybrand and holds an Honours B.A. in Management from the University of Toronto. He also holds a Chartered Director designation from the DeGroote School of Business and the Conference Board of Canada.

Christian Falk – Advisory Board Member

1. Avidity Biosciences (NASDAQ:RNA)

Year-over-year gain: 143.8 percent
Market cap: US$10.87 billion
Share price: US$72.14

Avidity Bioscience is a biopharma firm developing a new form of RNA therapy called antibody oligonucleotide conjugates (AOC) that target the genes causing rare muscle diseases.

Through its proprietary AOC platform, Avidity developed programs for three rare muscle diseases: AOC 1001 for myotonic dystrophy type 1, AOC 1044 for Duchenne muscular dystrophy and AOC 1020 for facioscapulohumeral muscular dystrophy. The company is also working to expand its pipeline into cardiology and immunology.

In October 2025, Avidity entered into a definitive agreement to be acquired by Novartis (NYSE:NVS), which will include the company’s late-stage neuromuscular programs (AOC 1001, 1020, 1044) and the AOC platform, for US$12 billion.

Avidity’s early-stage precision cardiology programs will spin off into a new public company prior to closing in H1 2026. The spin-off will also have rights to use and develop the AOC platform for cardiology applications.

2. Wave Life Sciences (NASDAQ:WVE)

Year-over-year gain: 36.52 percent
Market cap: US$3.13 billion
Share price: US$17.12

Wave Life Sciences is another clinical-stage firm focused on unlocking insights from human genetics to deliver RNA-based medicines. The company’s PRISM platform is targeting both rare and prevalent disorders. Its pipeline includes clinical programs for Duchenne muscular dystrophy, alpha-1 antitrypsin deficiency and Huntington’s disease, as well as a preclinical program for WVE-007 in obesity.

Wave Life Sciences advanced its PRISM RNA platform across multiple programs in 2025. It is also performing a Phase 1 trial testing its WVE-007 obesity candidate, which is an investigational INHBE GalNAc-siRNA using Wave’s proprietary SpiNA design.

In December, the company reported positive interim data from the WVE-007 trial, which showed that a single dose resulted in sustained Activin E reduction, supporting infrequent dosing. Target engagement updates and body composition readouts are planned for Q1 2026.

3. UniQure (NASDAQ:QURE)

Year-over-year gain: 33.15 percent
Market cap: US$1.47 billion
Share price: US$23.86

UniQure is a gene therapy company focused on patients with severe medical needs. In November 2022, the US Food and Drug Administration (FDA) approved the company’s gene therapy Hemgenix (etranacogene dezaparvovec), which is the world’s first gene therapy for hemophilia B.

Today, uniQure’s proprietary gene therapy pipeline includes treatments for patients with Huntington’s disease, refractory temporal lobe epilepsy, ALS and Fabry disease.

Its gene therapy pipeline advanced in 2025, with positive Phase I/II topline data for Huntington’s disease candidate AMT-130 showing 75 percent slowing of disease progression at three years via cUHDRS, alongside 60 percent functional capacity preservation.

While data from the Phase I/II study led the FDA to grant AMT-130 breakthrough therapy designation in April, in December the agency told UniQure it believes the data may not be adequate to support a pre-biologics license application under the accelerated approval pathway. The company is pursuing a follow-up meeting.

4. Stoke Therapeutics (NASDAQ:STOK)

Year-over-year gain: 186.96 percent
Market cap: US$1.81 billion
Share price: US$31.74

Stoke Therapeutics is another biotech company with a focus on developing RNA medicine. With its proprietary research platform TANGO, which stands for targeted augmentation of nuclear gene output, the company is developing antisense oligonucleotides to selectively restore protein levels.

Stoke’s first product candidate, zorevunersen (STK-001), is in clinical testing for the treatment of Dravet syndrome, a severe form of genetic epilepsy. The company is also developing STK-002 for the treatment of autosomal dominant optic atrophy, an inherited optic nerve disorder.

Both candidates advanced in 2025, with STK-001 enrolling patients in Phase 3 after positive long-term data showed seizure reductions and cognitive gains. Likewise, STK-002’s clinical development program is being informed by results, presented in October, of a Phase 1 two year natural history study on the disease progression of autosomal dominant optic atrophy.

Investor Insight

With its combination of robust resources, permitted infrastructure and significant exploration potential – both for critical minerals and gold – Nuvau Minerals offers exposure to a world-class, highly defined mining district with top-tier infrastructure and a long history of base-metal mining, now complemented by the discovery of gold and a substantial upside still to be realized.

Overview

Nuvau Minerals (TSXV:NMC) is a Canadian metals exploration company dedicated to revitalizing production in Quebec’s Abitibi Greenstone Belt, one of the world’s most prolific mining regions. The company’s flagship Matagami Mining Camp offers an exceptional combination of historical production, district-scale exploration potential and existing infrastructure. Historically, the camp has produced nearly 60 million tons (Mt) of ore over 60 years, primarily zinc and copper, and was last operated by Glencore until June 2022.

While the company’s core focus remains on critical minerals – with the Caber Complex preliminary economic assessment supporting a near-term restart and a robust resource base – recent exploration success has revealed a new dimension: gold. In July 2025, Nuvau drilled its first gold-focused target at Matagami, intersecting visible gold in what appears to be an orogenic lode system close to existing mine workings. This highlights the untapped precious metals potential alongside its established base metals endowment.

Nuvau has an earn-in agreement with Glencore for the Matagami property; the three year earn-in has been completed and the company is working through the final steps of closing the property transfer. With full ownership of the property and an option to acquire the mill, Nuvau is positioned to re-establish Matagami as a multi-metal production hub. Backed by a skilled technical team, strong institutional investors, and the support of local communities and government, Nuvau is on track to deliver near-term production potential while unlocking the district’s broader resource opportunities.

Company Highlights

• Flagship Asset: Matagami Mining Camp – Agreement to acquire 100 percent of the property from Glencore after completing a three-year, $30 million earn-in. The camp has a 60-year operating history with nearly 60 million tons mined across 12 past mines.
• District Scale with Established Infrastructure – Covers over 1,300 sq km with more than 2,400 claims, a fully permitted 3,000-ton-per-day processing facility, rail and road access, and power.
• Exploration Upside – Multiple high-grade base metal zones (Renaissance, McLeod Extension) and gold anomalies remain open in all directions.

Key Asset

Matagami Mining Camp (Flagship)

The Matagami Mining Camp is Nuvau Minerals’ cornerstone asset, representing a unique combination of large-scale land position, prolific production history and exceptional potential for both base and precious metals. Located in Quebec’s Abitibi Greenstone Belt, one of the most productive mining regions in the world, the camp has produced nearly 60 Mt of ore from 12 past mines over six decades, making it a proven mineral district with established infrastructure and skilled local labor.

Project Highlights

District Scale and Strategic Location

• Covers more than 1,300 sq km and more than 2,500 mineral claims, giving Nuvau a dominant landholding in a Tier 1 mining jurisdiction.
• Excellent year-round access via road, rail and air, with nearby hydroelectric power and water supply.
• Situated near other significant mining operations in the Abitibi, providing opportunities for synergies and potential district-scale consolidation.

World-class Infrastructure

• Fully permitted 3,000 tpd concentrator with two float circuits, maintained in excellent condition by Glencore until its closure in June 2022.
• Existing rail loading facility, core processing facility, administration offices and alternative tailings storage options with no inherited liabilities.
• The Bracemac McLeod mine infrastructure remains in place, with underground development to 1,400-meter depth.

Established Resource Base & Robust Economics

• Caber Complex (Caber, Caber Nord, PD1):
  • Measured and Indicated: 3.36 Mt @ 5.18 percent zinc 1.10 percent copper, 14.3 grams per ton (g/t) silver, 0.16 g/t gold
  • Inferred: 7.32 Mt @ 2.43 percent zinc, 1.28 percent copper, 11.5 g/t silver, 0.09 g/t gold
  • PEA (July 2023): 9.5-year mine life, base-case after-tax NPV (8 percent) C$115.9 million, IRR 20 percent (base case), low initial CAPEX of C$172.3 million due to existing infrastructure.
• Bracemac McLeod Mine:
  • Past production: 8.1 Mt @ 6.1 percent zinc, 0.9 percent copper, 24 g/t silver, 0.5 g/t gold
  • Remaining resources in McLeod Deeps and new high-grade McLeod Extension discovery (2023: 16.4 m @ 14.22 percent zinc, 2.72 percent copper).
  • Low-cost restart potential with metallurgy and mine plan well understood.

Exploration Upside

• Over 80 geophysical targets identified in the Northern Domain alone.
• Multiple high-grade volcanogenic massive sulphide (VMS) systems, including the Renaissance Zone discovery – the first VTEM anomaly drilled by Nuvau, hosting massive and semi-massive sulphides with high-grade precious metals.
• Significant gold potential, including:
  • Visible gold intercept in the first-ever gold-focused drill hole at Matagami, near Bracemac McLeod.
  • Regionally significant gold till anomaly with over 2,000 gold grains per 10 kg sample – potentially the highest recorded in the Abitibi – indicating a nearby source.
• Additional underexplored zones adjacent to historical mines, where lower historical metal prices left mineralized extensions untouched.

Management Team

Steven Bowles – Chair of the Board

Steven Bowles has extensive experience in the mining and metals sector, encompassing private equity investment, project management and operations management. He currently serves as managing director at Nebari Partners. Prior to this role, he was the senior director of investment in natural resources and energy within Investment Quebec’s private equity group. Throughout his career, Bowles has led development teams on numerous large-scale mining projects, guiding them from study phases to construction and commissioning in various regions, including the Canadian Arctic, the Middle East and Latin America. He has been recognized for his outstanding leadership and was awarded the Bedford Canadian Young Mining Leaders Awards.

Peter van Alphen – President, CEO and Director

Peter van Alphen has over 25 years of experience in leadership roles within the mining industry, encompassing all aspects from construction projects to production. Most recently, he served as the chief operating officer at Premier Gold Mines, managing the company’s mining and development endeavors. Prior roles include country manager for Canada at Pan American Silver, vice-president of operations at Tahoe Resources and Lake Shore Gold, and various management positions at FNX Mining in Sudbury, Ontario. Van Alphen holds a Bachelor of Science in mining engineering from the University of the Witwatersrand.

Steve Filipovic – Chief Financial Officer

Steve Filipovic is a chartered professional accountant with more than 23 years of financial management and oversight experience. He was a founding executive team member and chief financial officer at Premier Gold Mines, playing an integral role in transitioning the company from explorer to producer until its acquisition by Equinox Gold in 2021. Prior to that, he served as chief financial officer of Zinifex Canada and was vice-president, finance of Wolfden Resources, until its acquisition by Zinifex in 2007. Filipovic holds an Honours Bachelor of Commerce Degree from Lakehead University and is an ICD.D designated member of the Institute of Corporate Directors.

Gilles Roy – Director of Exploration

Gilles Roy is a highly skilled geologist with over 30 years of experience in mineral exploration across various countries, including Canada, Peru, Chile, Kazakhstan, Australia and Burkina Faso. Specializing in base metal deposits in volcanic host rocks, he spent much of his career at Glencore, leading exploration programs that resulted in the discovery of the McLeod deposit in 2004 and the Bracemac deposit in 2006. Roy holds a Bachelor of Science in geology from Université du Québec à Montréal and is a member of the Ordre des géologues du Québec.

Bastien Fresia – Technical Services Director

Bastien Fresia brings over 15 years of international experience in geology, mine planning, and resource development to Nuvau Minerals, where he serves as technical services director. He previously held senior technical roles at Glencore Zinc, leading multidisciplinary teams and delivering strategic studies across Canada, Burkina Faso, Peru, Bolivia and Kazakhstan. His accomplishments include the discovery of satellite deposit extensions in Matagami and Perkoa, as well as the implementation of technical frameworks that significantly improved business performance in Peru and Kazakhstan.

At Nuvau, Fresia leads the company’s technical planning, integration, and execution. He holds two M.Sc. degrees in Geosciences and an MBA in Strategy and Risk Management, and is a registered professional geologist with the Ordre des Géologues du Québec and a chartered professional (Mining) with the Australasian Institute of Mining and Metallurgy.

Philippe Rio Roberge – Director of Project Development

Philippe Rio Roberge is a project management professional with 19 years of experience in the mining sector. With a strong background from the consultation world, he is specialized in geotechnics, tailings and water management, as well as in project management and construction. He has been involved in multiple feasibility studies for greenfield and brownfield projects and has overseen heavy earthwork construction projects. Roberge has been involved in the full life cycle of mine waste management facilities, from design through permitting and construction to closure and reclamation. While doing so, he has ensured the strategic development and integration of projects in a sensitive environmental and economic context. Philippe holds a degree in civil engineering from Université de Sherbrooke

Christina McCarthy – Director

Christina McCarthy is a geologist with over 15 years of experience in the resource capital markets. She is the former president and CEO of Paycore Minerals, which was acquired by i-80 Gold Corp for a $90 million valuation. Previously, she was vice-president of corporate development for New Oroperu Resources, acquired by Anacortes Mining in 2021. McCarthy also served as director of corporate development for McEwen Mining from 2014 to 2019. She has held various management and board roles, including positions in equity research at Euro Pacific and institutional sales at Haywood Securities. Prior to entering the resource capital markets, she managed exploration programs in Scandinavia for a junior exploration company. McCarthy holds a Bachelor of Science in geology.

Ewan Downie – Director

Ewan Downie is a successful company builder and entrepreneur with over 25 years of experience in the mining industry. He currently serves as the chief executive officer of i-80 Gold. Previously, he was the president and CEO of Premier Gold Mines, and is now serving as non-executive chairman and director of Wolfden Resources, as well as a director of Clean Air Metals. Throughout his career, Downie has been part of several gold and base metal discoveries, earning recognition for his achievements, including being awarded the 2003 Prospectors and Developers Association of Canada’s “Bill Dennis Prospector of The Year.”

Michael Vitton – Director

Michael Vitton served as the executive managing director and head of US equity at BMO Capital Markets, where he was instrumental in originating and executing over US$200 billion worth of public and secondary offerings and M&A transactions across all sectors. In the metals and mining sector, he has been involved in numerous significant deals as a seed investor, lead/co-lead underwriter, or in an M&A capacity. Vitton holds a degree from the University of Michigan Business School and has served as a seat holder on the NYSE, and president of the New York Society of Metals Analysts.

Fariah Mir – Director

Fariah Mir is currently the senior manager, accounting policy & advisory at TD Bank Group. Prior to that, Mir worked as a senior accountant, assurance advisory at Deloitte LLP, and as a senior financial analyst at IAMGOLD Corporation. Mir holds a Bachelor of Commerce, Honours Accounting from York University. She is also a member in good standing with the Chartered Professional Accountants of Ontario.

Investor Insight

With a clear, discovery-focused strategy, Terra Clean Energy is advancing one of the most unique near-surface uranium opportunities in the Athabasca Basin while expanding its portfolio through the acquisition of past-producing uranium assets in the United States. The company is targeting rapid resource growth and meaningful re-rating potential through continuous exploration, aggressive drilling, and disciplined capital deployment across both its Canadian and US projects.

Overview

Terra Clean Energy (CSE:TCEC,OTCQB:TCEFF,FSE:C9O0) is unlocking value from its wholly owned South Falcon East project in the southeastern Athabasca Basin while expanding its North American footprint through the acquisition of past-producing uranium mines in Utah. The company is now positioned as a unique shallow-uranium developer with assets in two historic uranium districts.

With a historical uranium resource of nearly 7 million lbs U₃O₈ at Fraser Lakes Zone B and strong results from the 2025 winter drill program confirming wider and higher-grade mineralized zones, Terra is advancing toward an updated NI 43-101 resource estimate. The project’s position along the Way Lake Conductor – a folded, fertile structural corridor – continues to offer exceptional discovery potential, with new targets emerging from recent drilling and geological modeling.

In addition, Terra’s newly acquired assets in Utah include nine past-producing mines within the San Rafael Swell, where historical outputs and recent radiometric readings indicate strong potential for remaining uranium resources. These assets offer near-surface mineralization in a highly supportive US jurisdiction and represent an important second growth pillar for the company.

As global nuclear buildout accelerates and supply deficits widen, Terra offers investors a compelling combination of shallow resource potential, multi-jurisdiction exposure, and a robust pipeline of exploration catalysts.

Company Highlights

• Unique, Shallow Uranium Systems (Canada + US): Terra is advancing shallow uranium assets across both the Athabasca Basin and the San Rafael Swell in Utah, each offering reduced exploration and potential development costs.
• Pounds-in-the-ground Upside: South Falcon East hosts a historical inferred resource of 6.96 Mlbs U₃O₈ and 5.34 Mlbs ThO₂, with expansion potential from recent drilling, while the Utah assets include nine past-producing mines with recorded grades up to 1 percent U₃O₈.
• Prime Locations: South Falcon East lies 55 km east of the Key Lake Mill, within reach of world-class Athabasca infrastructure, while the Utah projects benefit from established roads, utilities and regional uranium processing infrastructure.
• Strong Technical Leadership: Terra’s leadership includes uranium exploration veterans, capital markets professionals, and newly added board members with deep nuclear industry and operational experience.
• Resource Update Underway: Results from the 2025 winter and fall programs will support Terra’s path toward an NI 43-101 compliant resource update.

Key Project

South Falcon East – Fraser Lakes B Deposit

South Falcon East is Terra Clean Energy’s flagship project in the southeastern Athabasca Basin, covering 12,234 hectares and hosting the Fraser Lakes B deposit, which contains a historical inferred resource of 6.96 Mlbs U₃O₈ and 5.34 Mlbs ThO₂. Located 55 km east of the Key Lake mill, the project benefits from shallow mineralization, strong infrastructure and a geological setting consistent with basement-hosted unconformity uranium systems.

The deposit sits along the central limb of the 25 km Way Lake Conductor, a folded and fertile structural corridor that remains largely underexplored. Recent geological modeling highlights the convergence of clay alteration, graphitic metasediments, pegmatites and key structural trends – features that collectively support significant expansion potential beyond the historical resource footprint.

Terra’s 2025 winter drill program materially advanced the project, returning the widest and highest-grade intervals ever recorded on the property and confirming an open northwest-trending mineralized corridor. A follow-up program is planned to further evaluate these newly defined zones and continue advancing the project toward a future NI 43-101 compliant resource estimate.

2025 Winter Drill Program Highlights:

• Seven holes, 1,927 m drilled
• Six of seven holes intersected uranium mineralization
• Four holes returned the project’s widest and highest-grade intervals to date
• Minerized trend confirmed open to the northwest, defining a new expansion corridor

San Rafael Swell – Utah Uranium Projects

In 2025, Terra Clean Energy expanded its portfolio with the acquisition of two shallow, past-producing uranium claim groups – Wheal Anne and the Green Vein Mesa – within the San Rafael Swell of Emery County, Utah. The district is one of the most historically productive uranium regions in the United States and offers excellent year-round access, supportive infrastructure and a clear permitting pathway. Together, the claim groups host nine past-producing mines, providing Terra with a complementary US platform to advance shallow uranium targets alongside its Athabasca Basin flagship.

These results demonstrate multiple stacked mineralized horizons over widths up to 65 m, open to depth and laterally.

In early 2024, Terra’s Phase 1 drill program confirmed the presence of uranium-bearing pegmatites in close proximity to historical intercepts. Hole SF-0059 intersected 13.5 m of mineralization, including 0.07 percent eU₃O₈ over 1.1 m, while SF-0060 returned intervals such as 0.02 percent eU₃O₈ over 1.3 m at 142.15 m. These intercepts confirm the extension of mineralization along strike and at depth from FP-15-05 and support the hypothesis of lateral continuity and stacked mineralized bodies.

Planning for an extensive summer 2025 drill program is underway, which consists of approximately 2,500 meters. The program will test areas identified during the winter 2024 program, where it is interpreted that a north-northwest trending brittle structure, a north dipping structure with strong clay alteration, and mineralized pegmatites with hydrothermal hematite alteration hosted in graphitic pelitic gneiss all intersect.

Management Team

Greg Cameron – President, CEO and Director

A seasoned capital markets professional, Greg Cameron has two decades of experience in business development, strategy and M&A. He is a former senior banker at Canaccord Genuity and Macquarie, and managing director at Colby Capital. He brings transactional and restructuring expertise critical to junior exploration growth.

C. Trevor Perkins – VP, Exploration

A professional geologist, C. Trevor Perkins has a track record in uranium exploration, including major results in the Athabasca Basin. He also serves as VP exploration for Azincourt Energy and has led exploration strategy and drill execution across multiple high-impact programs.

Jon Li – CFO

Jon Li brings more than 20 years of financial leadership experience, with a specialty in the mining, technology, and financial services sectors. As vice-president of WD Numeric, a full-service accounting firm providing financial and operational support to public and private companies, Jon leads process improvement initiatives, conducts quality control reviews, and delivers outsourced CFO services across a diverse client portfolio. Previously, Li served as

financial controller at Strategic Pricing Management Group (SPMG), where he oversaw all financial operations, including general ledger systems, budgeting, forecasting, cash management, and financial reporting.

Alex Klenman – Director

Alex Klenman is a veteran junior mining executive with 30+ years’ experience, including uranium-specific roles. He is the CEO and director of Azincourt Energy, and has raised more than $18 million for Athabasca exploration. Klenman brings deep investor relations and financing expertise.

Tony Wonnacott – Director

Tony Wonnacott is a Toronto-based securities lawyer with more than 25 years of experience in capital markets. Instrumental in multiple successful listings and over $1 billion in financings and M&A transactions.

Michael Gabbani – Director

Michael Gabbani is an accomplished engineer with decades of experience in the nuclear industry. He possesses a high level of understanding of where the industry is going and the contacts to allow the Company to position itself to benefit.

Brian Polla – Director

Brian Polla is a serial entrepreneur and seasoned veteran of the capital markets. As a significant shareholder of Terra, he brings extensive expertise to help steer the company forward.

Jordan Trimble – Technical Advisor

Jordan Trimble is the CEO of Skyharbour Resources and a leading voice in the uranium investment community. He brings global capital markets insight and technical expertise, enhancing Terra’s industry reach and credibility.